PracticeAuditBarclays fails to clear IAS39 mist

Barclays fails to clear IAS39 mist

Investors eagerly awaiting Barclays' results in the hope that its financials would clear the mist surrounding the ever-controversial IAS39 will not be able to satisfy their curiosity quite yet.

Link: IASB attacked by Europeans over IAS39

At the end of 2004 Barclays delivered an IFRS update to investors where it indicated that IAS39 was expected to have little or no impact on profits before tax.

Barclays added that it would apply IAS39 in full instead of the EU’s carved-out version.

With the ongoing spat between EU commissioner Charlie McCreevy and the IASB over IAS 39 reaching epic-like proportions, attention was focused on whether the full IAS39 would indeed have minimal effect on Barclay’s profits.

Barclays, however, confirmed that it would not be restating its 2004 accounts in IFRS, so investors will have to wait to see if all the fuss over IAS39 was worth the effort.

Other big companies reporting today include Unilever, which is set to unveil a new board structure that will overhaul its much-maligned two-tiered board; Rolls Royce; and GlaxoSmithKline.

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